Morgan Stanley: Raises the target price for Zijin Mining's H-shares to HKD 61, listed as the industry preferred choice.

Morgan Stanley published a report, raising the target price for Zijin Mining's H-shares from HK$55 to HK$61, and the target price for its A-shares from RMB 52 to RMB 58, designating Zijin Mining's H-shares as the sector's top pick with a rating of "Overweight." The bank believes that Zijin's growth rate in copper, gold, and lithium production is among the best in the large mining companies, yet its valuation has yet to fully reflect its scale of growth, diversification, and visibility. Morgan Stanley's analysis indicates that Zijin is currently trading at a forecasted price-to-earnings ratio of 11.3 times for 2026 and an EV/EBITDA of 7.5 times, making it more attractive compared to global peers, especially after adjusting for its current superior production growth.